If you’ve been in the points and miles game for a while, you probably have at least one credit card that’s no longer available to new applicants. I call these discontinued cards “dinosaurs,” and they can be some of the most valuable cards in my collection. While banks introduce new cards with flashy benefits, sometimes the real gold lies in holding onto these grandfathered products.
Why Do Banks Discontinue Credit Cards?
Banks stop offering cards for several reasons. Sometimes they move away from a market segment, like Barclays did with its Arrival cards, or when U.S. Bank discontinued new applications for the Altitude Reserve. Other times, they launch a revamped version with updated perks, usually accompanied by a higher annual fee.
Rather than forcing existing cardholders into the new product, banks often let them keep their original card indefinitely. This allows them to avoid regulatory hurdles and customer backlash over changing terms on an existing agreement. For savvy cardholders, this can be a long-term win. However, in some cases, banks have chosen to automatically convert customers to a different product. For example:
- Starbucks Rewards Visa – Chase discontinued this card and converted cardholders to a version of the Chase Freedom product line.
- Legacy Hyatt Credit Card – Chase transitioned all remaining cardholders to the World of Hyatt Visa, removing the ability to hold both cards.
- Marriott Bonvoy American Express Cards – Some older versions of Marriott credit cards were phased out, with cardholders moved to updated Bonvoy products.
The Perks of Holding Onto Discontinued Cards
Many discontinued cards have benefits that newer versions don’t offer—or at least not at the same price. Here are a few examples:
- IHG Select ($49 Annual Fee) – This card, no longer available to new applicants, still provides a free night certificate every year. Compare that to the newer IHG Premier, which offers a similar free night but at a $99 annual fee. If you were lucky enough to get the IHG Select before it was discontinued, holding onto it is a no-brainer.
- US Bank Altitude Reserve – While no longer available for new sign-ups, some existing U.S. Bank customers have reportedly been able to product-change to it. This card’s ability to earn 3X points on mobile wallet purchases remains a unique and valuable perk.
- Citi Prestige – While Citi has discontinued new applications for this card, those who still have it enjoy benefits like 5X on dining and air travel, and the once-lucrative fourth-night-free benefit (now limited, but still useful).
When Should You Keep (or Ditch) a Discontinued Card?
If you have a legacy card, the decision to keep it comes down to a few key questions:
- Does it offer benefits you can’t replicate elsewhere? If a card has a lower annual fee but still provides valuable perks (like free nights or annual credits), it’s worth holding onto.
- Are the benefits still relevant to your travel style? Maybe the card was great for you, but now you’ve shifted your loyalty to a different hotel or airline.
- Can you still get a new bonus on the updated version? Some issuers allow you to hold the old card while signing up for the new version and earning a separate welcome bonus. This is an ideal situation.
The Bottom Line
Sometimes, the best travel credit card in your wallet isn’t the latest and greatest—it’s the one that’s been quietly delivering value for years. If you have a grandfathered card with a lower annual fee and solid perks, think twice before canceling it. You may never get the chance to have it again.
Do you have any “dinosaur” cards you love? Let’s hear about them in the comments!
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